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Public Revenue — Economics STD 10 — Question

ICSE BoardEnglish MediumSTD 10EconomicsPublic Revenue3 Marks
Question
Giving examples differentiate between direct taxes and indirect taxes.
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Answer

Direct TaxIndirect Tax
It is a tax whose impact (liability to pay) and incidence (actual burden) lie on the s ame person. Its burden cannot be shifted.It is a tax whose impact (liability to pay) and incidence (actual burden) lie on different persons. Its burden can be shifted.
Examples
- Personal income tax $\quad$ - Wealth tax
- Gift tax $\qquad\qquad\qquad$ - Corporation tax
- Interest tax$\qquad\qquad\quad$- Estate duty		Examples
- Excise Duty
- Customs duties
- GST

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